金证券记者 胡春春

Gold securities HuChunChun reporters

　　海外机构向内地私募融券做空A股上市公司，这个以往“不可能”的一幕，随着8月13日中信证券(600030,股吧)近乎跌停，在投资圈内的热议中，越发显得像真的一样。中信证券董秘郑京、私募大佬但斌、兴业全球(340006,基金吧)基金副总经理徐天舒，以及所谓的融券做空者黄生都成为坊间的谈资主角。

Overseas institutions to the mainland private equity securities short a-share listed companies，This past“Can't”scene，With the August 13, citic securities(600030,guba)Almost drop stop，In the investment in the circle in the hot debate，The more appear like the real one。Citic securities dong secret zheng jing、Private big brother but bin、Industrial global(340006,Fund it)Fund deputy general manager XuTianShu，And the so-called securities short person HuangSheng urban has become the talk of the leading role。

　这，究竟是真是假？ this，What is true or false？

　　VS官方澄清 VS official clarification

　　中信旧部曝沽空内情 Citic kibaki exposure ask empty inside

　　8月初，深圳机构人士在和中信证券董秘郑京的一次交流中，后者言谈之间表露，公司收购里昂证券并不如想象中那样顺利。这是不是导火索无法确认，但8月13日，中信证券大跌9.10%，期间伴随“海外投资巨亏”、“高管出事”、“公司裁员减薪”、“里昂证券员工大规模流失”等传闻。

Early August，Shenzhen people in institutions and citic securities zheng jing dong secret an exchange，The latter between talk show，Company purchase clsa is not as in imagination as well。Does this fuse cannot confirm，But on August 13,，Citic securities plunged 9.10%，Period with“Overseas investment huge deficit”、“Executives have an accident”、“The company pay cut jobs”、“Clsa staff mass loss”Rumors, etc。

　　《金证券》记者查阅2011年－2012年8月13日中信证券的融券卖出数据，一个明显的趋势是，今年中信证券融券每日卖出量远远大于去年。尤其是自7月开始，融券卖出日均都在100万股以上，其中6月29日、7月17日、融券卖出量都在300万股以上，而中信证券周一大跌当日，融券买出量在224.94万股。

《Gold securities》Reporters access to 2011-2012 on August 13, citic securities sold data，An obvious trend is，This year, citic securities daily sell quantity than last year。Especially since July，Daily securities sold in more than 1 million shares，The June 29,、July 17、Securities sold quantity are in more than 3 million shares，Citic securities and plunged Monday that day，Securities buy output at 2.2494 million strands。

　　大跌当天，郑京回应，“传言不实，可能是有人做空公司股价”。次日接通《金证券》记者的求证电话后，郑京表示，“做空不太可能，这么大的盘子跌这么多，做空要花很大代价。”

Crash on the day，Zheng jing response，“False rumors，May be some short company's stock”。The next day on《Gold securities》Reporters call after verification，Zheng jing said，“Do empty is unlikely，Such a big plate fell so much，Do empty takes a high price。”

　　但兴业全球基金管理公司副总经理徐天舒不这么看，14日下午他对《金证券》记者表示，“是外资机构在港股上做空中信证券，近期外资机构通过融券做空的还有广州药业。” 徐天舒当天还发微博强调这个观点：这两天陆续有海外机构向包括但斌等长期持有人借入股票，做空广药和中信证券，与此相配合，市场上传言满天飞，这两只股票走势也是迥异……

But the global fund management company deputy general manager XuTianShu don't you look at，14 for the afternoon he《Gold securities》reporters，“Is foreign capital institution in Hong Kong stocks on the air letter securities，The recent foreign institutions through the securities make empty and guangzhou pharmaceutical。” The XuTianShu FaWei bo emphasize this point of view：This two days in in succession to overseas institutions including but bin and long-term holders borrowed stock，Do empty wide medicine and citic securities，Combined with the，Market rumors all over the place，The two stock trend is also different...

　　他对《金证券》记者表示，“圈子中一直在谈这个事情，只是因为现在该做空的都做空了，该跑的都跑了，我才出来说这个事情，这是业内都知道的。”

he《Gold securities》reporters，“Circle has been talking about this thing，Just because it's all do is empty，The run all run away，I just out to say the things，This is the all know。”

　　据悉，徐天舒曾任中信证券基金管理部项目经理，他对老东家并不陌生。

It is reported，XuTianShu had RenZhongXin securities fund management project manager，He is no stranger to his former club。

　　8月15日，中信证券发布澄清公告，全面否定一系列市场传言。郑京强调，“周一公司港股是在A股的带动下大跌的，不可能是外资机构做空港股。”

August 15,，Citic securities issued clarification announcement，Comprehensive negative a series of market speculation。Zheng jing emphasized，“On Monday the company stocks in A shares is driven by the crash of the，Can't be foreign institutions do airport shares。”

　　方正证券(601901,股吧)研究员邓焜对《金证券》表示，A股融券日卖出量在200万股以上就是很大的规模了，这还只是A股的公开交易数据。由于中信证券和广州药业都有港股，不排除通过港股融券卖出的情况。

Founder securities(601901,guba)The researchers DengKun to《Gold securities》said，A shares to sell securities, the amount of more than 2 million shares is A lot of the size，This is just A shares of publicly traded data。Because of citic securities and guangzhou pharmaceutical has stocks，Would not rule out through the stocks of securities sold。

锁定广药、但斌？ Lock wide drug、But added？

　　私募出借A股暗藏风险 Private lending A share hidden risk

　　看跌－融券卖空－放出负面消息－公司股价大跌，对资深股市中人而言，境外机构的这一操作手法并不陌生。不过，徐天舒明确点名，境外机构借入股票的对象是境内私募大佬、深圳东方港湾投资管理有限责任公司董事长但斌。这让人有些意外。

Put - securities short - release negative news - the company stocks tumbled，In the stock market to senior people，Foreign organizations of this manipulation is not new。but，XuTianShu clear call the roll，Foreign organizations borrowed stock object is two domestic private equity、Shenzhen eastern bay investment management co., LTD., chairman of the board but bin。This let a person some accidents。

　　在《金证券》的采访中，徐天舒否认了但斌出借中信证券股票，但默认了广州药业。

in《Gold securities》interview，XuTianShu denied but added citic securities lending stocks，But the default guangzhou pharmaceutical。

　　此前，《金证券》记者专访但斌问及关于广州药业的投资，其曾表示“买入了一点点”。他还在近日的微博中透露，“有外资大行想借我们的股票沽空广药，有朋友说不应该借，可我还是借了，融券成本年化收益率6%。个人认为，对企业有不同认识和判断很正常，最终决定股价的还是企业的基本面，是金子总会发光。但很遗憾，国内A股没有此类融券业务，如能将手里的茅台(600519,股吧)等股融出，也有年化6%收益率多好。”

after，《Gold securities》Reporter interview but bin asked about guangzhou pharmaceutical investment，The said“Bought a little”。He's still in the recently micro bo that，“Have foreign big do want to borrow our stock short selling wide medicine，My friends say should not borrow，But I still borrowed，Securities cost annualised yield 6%。Personally think，To the enterprise have different understanding and judgment is very normal，Finally decided to share price or enterprise fundamentals，Gold always can give off light。But we regret，The domestic a-share no such securities business，If you could hand maotai(600519,guba), etc RongChu shares，Also new turn 6% rate of return much good。”

　　　在徐天舒看来，境外机构之所以愿意向但斌等借股，主要由于其投资风格是长期持有、价值投资。短期的做空对长期持股者收益不会有影响。

In XuTianShu seems，Foreign organizations are willing to borrow shares but bin, etc，Mainly because of its investment style is held for a long period、Value investment。Short-term do empty on long-term shareholders income has no influence。

　　　深圳一家机构人士则认为，这个可能性不会很大。从长期看可能对收益不会有大的影响，但短期的下跌会影响到旗下产品的净值，净值下跌可能触发投资者赎回的风险。

Shenzhen is a mechanism that people，This won't be a big possibility。In the long run of gains may be not going to have a big effect，But short-term decline will affect its net value of products，Net worth fell may trigger investors redemption risk。

　　方正证券研究员邓焜也表示，A股上，通过向私募借入股票做空上市公司的可能性很小，这其中最大的掣肘就是“转融通”还没有实现，私募或个人不能向融券方出借手中的股票。而目前的融资融券体量不大，不会对个股走势造成致命的影响。

Founder securities researcher DengKun also said，A shares on，Through to the private borrowed stock short listed companies the possibility of very small，This is one of the biggest constraints“refinancing”Haven't realize，Private or individual can't to securities party lend the hands of the stock。But the present margin mass is not big，Not to go situation fatal influence。

　　《金证券》记者联系但斌，欲向其求证沽空细节，但几个电话始终无人接听。

《Gold securities》Reporter contact but bin，Desire to its verification short selling details，But several telephone always no one answer。